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Sales of previously occupied U.S. homes rose in January as homebuyers seized upon easing mortgage rates and a modest pickup in properties on the market.
Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association of Realtors® said Thursday.
The modest sales increase is an encouraging start for the housing market, which has been mired in a slump the past two years. Still, compared with January 2023, sales fell 1.7%. Existing home sales sank to a nearly 30-year low last year, tumbling 18.7% from 2022.
"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand," said Lawrence Yun, the NAR's chief economist.